XRP is at a crucial juncture, with its price either poised for a massive breakout or possibly marking the end of an internal corrective rally. The scenario could play out in two ways: a bullish continuation to the upside or a corrective pullback. Both scenarios are part of an overall bullish outlook as XRP may be undergoing a wave two correction. At the time of writing, XRP is trading at $3.14 and is down by more than two percent in the last 24 hours.

Bullish Outlook and Key Support Levels:

In the most optimistic case, the price could be forming a wave one move up followed by a wave two pullback that may have already bottomed around $2.79. The important level to watch is the $2.52 mark, which acts as a key support zone. A break below $2.52 would invalidate the bullish scenario and point toward a more bearish outlook, with further downside potential.

Challenges to Immediate Breakout

The current price action is somewhat unclear. While XRP has held key support levels, it remains below its all-time high, and the price action since January 20th has been choppy and overlapping. This suggests that while the bullish case remains intact, there may still be some consolidation or a retest of support before any sustained breakout.

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Potential for Sideways Movement:

XRP’s price may continue to consolidate between $2.50 and $3.40. While this range could be seen as “noise,” it’s important to monitor the $3.40 level as a key resistance. A breakout above that would signal the next leg up in this bullish scenario. On the other hand, if XRP fails to break higher and dips below the $2.52 level, it would signal that a corrective wave is still unfolding.

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